资本管理领域的泰德·科尼格并不认同私人信贷投资能够每日获得准确估值这一观点。
Capital’s Ted Koenig isn’t buying that private credit investments can be accurately valued every day.
他指出：“对流动性较差的私人资产进行每日估值，不过是制造出一种精准的假象，实际上并不准确。”
“Daily marks in illiquid private assets,” he said, “is an illusion of precision, not accuracy.”
两周前，阿波罗全球管理公司开始为其规模达8500亿美元的信贷业务推行每日估值机制，这一举措引发了本周在贝弗利山举行的CAIS另类投资峰会上的一场激烈讨论。
The comments come two weeks after Apollo Global Management Inc. began rolling out daily valuations across its roughly $850 billion credit business, a move that is fueling debate at the CAIS Alternative Investment Summit in Beverly Hills this week.
周三在小组讨论中，科尼格并未直接提及阿波罗，而是对普遍推行每日私人信贷估值这种做法提出了质疑。
Koenig didn’t name Apollo in his remarks at a panel Wednesday, instead taking issue with the idea of daily private credit marks more broadly.
他补充道：“要实现真正的估值，就必须有财务报表及其他相关数据，但这些信息根本无法每日获取，因此这种做法根本不可行。”
“To have actual marks, you need financial statements, you need other inputs that you don’t receive on a daily basis,” Koenig added.
同为小组成员的堡垒投资集团联席首席执行官德鲁·麦克奈特也提出质疑：若缺乏对各借款主体的深入评估，频繁更新估值又有多大意义呢？
“There’s just no way to do this.”
他解释道：“理论上来说，仅依据与杠杆贷款指数的利差便可每日调整估值，但除非进行实际分析，否则根本无法知晓贷款是否处于面值水平。”
His fellow panelist Drew McKnight, co-CEO of Fortress Investment Group, also questioned how meaningful such frequent updates could be without a deeper assessment of individual borrowers.
在首席执行官马克·罗文的大力推动下，阿波罗实施了这一每日定价机制。
“If they are just marking the book towards a leveraged loan index, you can do that daily theoretically just on a spread basis,” he said, “but it wouldn’t show you if the loan is at par unless you’re doing the actual analysis.”
当前，规模达1.8万亿美元的私人信贷行业正面临诸多质疑：由于相关贷款极少发生交易，管理者究竟该如何对其进行合理估值？
Apollo’s daily pricing, championed by CEO Marc Rowan, comes as the $1.8 trillion private credit market faces mounting questions about how managers value loans that rarely trade.
今年9月，美国证券交易委员会曾发出“重要提醒”，表明监管机构正重新加强对私人资产估值环节的监管力度。
In September, the US Securities and Exchange Commission sent a “critical reminder” that signaled renewed attention over the valuation of private assets.